Converting Most of My Collection into Gold Type Coins

Now that I’ve maintained a job for a couple years, I’ve been building my collection ever since. However, I noticed that after nearly $2,000.00 in spending, my collection had gotten nowhere. I have absolutely no focus or “specialty” in my collection. I will typically buy an Indian head cent, a morgan dollar, a barber half, a franklin half, a state quarter, some raw pre-1964 silver and I wasn’t focusing on any set completion whatsoever. With the recent purchase of that 1856 Quarter Eagle that I posted on a similar thread, I have become interested in U.S. Gold Coinage. I was thinking that I might sell many of the various raw coins that I have lost interest in and use the profits to begin a gold type set. I live in Philadelphia and the Whitman Show in September 2009 was an exciting experience. Because I was new to the hobby at the time, I hadn’t heard about that specific event until around September 15th. This short notice rendered me moneyless with only two weeks left until the show. I ended up going to the show with a mere $80.00 and ended up only submitting coins to ANACS. I stayed alert in 2010, looking for the first notices of the 2010 Philly Show. I found the dates on Whitman’s website (September 30-Oct. 2). Now I have more than enough time to sell some unwanted stuff to save money for the show. I believe the Gold Type Set will be a good idea. Before I began the type set, I would frantically spend just $20.00 per coin and most of the time I wasn’t satisfied with the results. A gold type set will force me to save money and give me time to consider all options. Based on that theory, I plan on just getting a one coin with the money that I can save between now and October.
Ultimately, I would like to begin the type set from the top down, beginning with a St. Gaudens Double Eagle. My question in this thread is: Would I be able to purchase a low mintage, common date St. Gaudens $20 in MS63 for under $1,500? On that note, I had some other questions about double eagles. Right now I’m reading the novel DOUBLE EAGLE by Alison Frankel. From what I understand, many Saint Gaudens Double Eagles (abbreviated SGDE) were melted in 1933. Of the common dates listed in the 2010 RedBook and listed below, are any dates or mintmarks more preferred to buy for a type set? For example, I would not choose an 1885-O Morgan in MS63 as a Morgan Dollar Type coin. Although it’s a super-common date I would want a more extravagant common date. I searched “St. Gaudens” on CoinTalk and stumbled upon a BNB thread about a 1908-D he purchased raw. Someone mentioned that the Denver mintmark would be a preference as opposed to a Philadelphia in many cases. So basically, which of the dates below would you personally choose for a Type Set based on mintage or meltage figures.

Common Date SGDE’s: (I consider common dates to be less than 1500 dollars in the 2010 redbook in MS63) 1908 No Motto, 1908D No Motto, 1908D with motto, 1909S, 10D, 10S, 11D, 11S, 13D, 14, 14S, 15S, 16S, 20, 22, 23, 23D, 24, 25, 26, 27, 28

Because this would be a huge purchase by anyone’s standards, I would like to approach this in the best way possible. Sorry I may have rambled but essentially, all I am asking is Which common date SGDE would be the best choice to buy in MS63 for under 1500? Thanks!

edit: CoinFacts mentions that the 1928 (which is a common date) is "very rare- most appear to have been melted"...

 

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Sounds fun! Yet 2k can get you a single coin, which would be an easy collection to store and be very portable size wise, but you might not go too far in gold coins too fast either

I hope you'll post pics when you get your first gold coins. Do lots of reading on them. There are indispensable threads here on CT about avoiding counterfeits. I also suggest A Handbook to 20th Century US Gold Coins 1907-1933, 2nd ed. as a starter, if that's your era of interest.

Good luck to you!

 

Whoa! Your post tripled in length and detail from when I started to reply.

 

Thankk you for the feedback.

My computer is slow and I had to post a paragraph at a time!:computer:

 

Just a thought.

I think it's fine to focus on the gold coins, no problem. But since you are buying a bunch of different series, have you considered creating a type set?

There's a Dansco album for United States Type, starting with early 19th century coins. None of the spots in the album are impossible to get. Yet, finishing this type set would be a challenge and attainable.

The problem with choosing only common date gold coins is that you're very dependent on the bullion value of the gold. With a type set, you can actually get some key dates for your set.

Just a thought.

Whatever you do, good luck and have fun.

Steve

 

If you really want to focus on dates, avoid the ultra-common: '08 NM, '24, '25, '27, '28. Next tier to avoid is '14-S, '15-S, '23-D.

But to me, the answer to your question "Which one to buy ?" is not about dates. No common date is ever gonna be a "sleeper" and "go nuts" apprecation-wise.

The best coin to buy ? The one that's exceptional for the grade. Look for a minimum of bag marks, early die state, strong strike, and luster.

It's all about eye appeal, not sleeper dates.

 

The 1928 is not "very rare". They minted many millions, so even a melt rate of 80% would leave a huge number of coins.

There are plenty of 1928s.

 

Wait for gold to come back down to earth.

 

I think that I would not buy anything right now, but study hard on the gold coins-- go to the big shows and look at a lot of coins, get familiar with what original ones look like--- much of the gold you will see, even in top-tier holders, has been dipped/cleaned, and a scary number of higher-end MS pieces have been puttied. You might also find that a particular series within gold calls out to you-- like the Classic head half eagles, or the Indians-- but if you HAVE to have a nice gold coin to satisfy that itch-- it's hard to beat a pretty Saint!

 

oh, that Saint is a nice one.

 

That's a beautiful coin! :bow: What grade is on the label?

 

looks like a 66. I want to know the grade too

 

No way that thing's a 64. Gotta be 65 or better.

I suppose if one shops around, one can find a Saint that good in a 65 holder. More likely, you'll find lesser coins in 66 holders !

Very few marks, great luster, terrific definition in the torch and left (facing) fingers... sure, I could see it in a 66 holder.

Regardless of grade, that's a lovely coin, ksparrow !

 

Personally, I think that is a smart decision mcarney. Gold type sets are fun, and the fact that your coins are not fully dependant on numismatic value I believe to be a benefit. Sure gold is high right now, but if numismatic demand suddenly went down the toilet, you would still have the value of the metal to back up your collection.


Your Saint is Beautiful Ksparrow! Here are my inferior "motto" and "no motto" Saints in my gold type set.

 

I'm looking for some extra help on purchasing a St. Gaudens. Based on Numismedia values, which date could you recommend. I'm new to the series and this is a big purchase. My limit would be $2,400 based on the prices here:

http://numismedia.com/fmv/pricesms/20stgd/prices61.shtml

and I would only want an MS64 or MS65.


Which date should I choose? Thanks!

 

Hi guys, thanks for the nice comments on my St. Gaudens. It's graded PCGS Ms-65 and has the original skin, I think. I looked at it in the bank today and I'm still a happy camper!

I bought a copy of Bower's RedBook guide to Double Eagles-- it's a fun read and helped me choose a slightly scarcer date/mint in a grade just below where they take a big jump in price.
I would take my time buying one, and probably purchase from an established dealer. An extra measure of security would be the "CAC" label, in my opinion, because John Albanese has the best eye in the business for spotting doctored gold (according to expert collectors like Jay Brahin).